Caught in the Cycle
Of Ups and Downs
Of Airlines: Investors

So you think air travel has become a nightmare, with long lines, heightened security measures, reduced schedules and no meals? Try being an airline investor.

The telecommunications industry aside, I can't think of a more self-destructive industry than the commercial airlines. On Sunday, US Airways Group Inc. filed for bankruptcy for the second time in a little more than two years, and last week Delta Air Lines said it could be in bankruptcy court by the end of the month. UAL Corp.'s United and Hawaiian Airlines are already...